Bankroll to bankruptcy: Celebrities who've lost it all

Nadya Suleman, 36, dubbed 'Octomom' filed for bankruptcy on Monday, after previously admitting she was on public assistance to support herself and her 14 children. Suleman, who lives in the Southern California suburban community of La Habra, has less than $50,000 in assets and owes between $500,000 and $1 million, according to legal papers submitted to U.S. Bankruptcy Court for the Central District of California and posted at entertainment website E! Online.

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/ Files

Dennis Rodman lost millions of dollars in fines for his transgressions during his playing days. Now the NBA Hall of Famer is allegedly broke and stands to lose his freedom. Rodman could spend 20 days in an Orange County jail unless he comes up with $860,000 in child and spousal support he owes his ex-wifeMark Mainz
/ Getty Images

In 2009 the IRS placed a lien on Nicolas Cage's home in New Orleans, which is considered one of the most haunted houses in the world. Since he had not been paying his taxes he owed well over $6 million. He blamed it on his business manager and filed a lawsuit against Cage, but his business manager filed a counter suit claiming that he had told Cage that he was living way above his means. Cage also had lawsuits against him from 2 different banks for loans that were in the millions but were not being paid back. Because of all his financial troubles many of his properties were sold or foreclosed on and he is still digging his way out of debt, which probably explains why he takes any role he can get in movies nowadays, no matter how bad the movie.

It seems MC Hammer did have to prey just to make it today after amassing debts of $13 million and filing for bankruptcy in 1996. Some of his expenses included his modest California home – complete with two pools, cinema, tennis courts and 17-car garage. He also bought a helicopter, several racehorses, and a sound system that required 22 miles of wiring. Not to mention the solid gold chains for his four pet Rottweilers.
Hammer now juggles several careers as a rapper, TV presenter and preacher to support his family of six.Scott Halleran
/ Getty Images

Basinger was one of Hollywood’s highest earners in the late ’80s, so she decided to buy the entire town of Braselton, Georgia for $20 million. Braselton didn’t turn out to be the fruitful tourist attraction she had been hoping for and in 1993 she made yet another foolish move and was sued for backing out of a film she had agreed to star in- a controversial movie called Boxing Helena about a surgeon who kidnaps and amputates the limbs of the woman he is obsessed with- just four weeks before shooting. She was forced to sell Braselton for just $1 million. Kim was forced to declare herself bankrupt in order to settle the $8 million claim. A costly divorce from first husband, make-up artist Ron Britton, didn’t help matters much either.

Don Johnson was part of the super successful police force on 1980’s TV Show Miami Vice has also has had his share of money troubles. He had to sell of most of his assets including the iconic silver Ferrari Testarosa that was given to him personally by Enzo Ferrari and appeared in the show every week. Eventually he was able to repay 14.5 million and regain his private Colorado ranch. His former partner John-Michael Phillips would gladly play the role of a bankrupt actor just to get some work.

Reynolds declared bankruptcy in 1996 with $6.6 million in assets and $11.2 million in debts. He owned mansions, a helicopter, and a lavish Florida ranch. Bad investments in two restaurant chains in the late 80s and 90’s as well as a falling-off in his box-office clout were major factors attributing to the Bandit’s financial bust. In the end, he had to sell his trademark mustache at auction to help pay his bills. Reynolds got to keep his $2.5 million Florida estate however.

Willie Nelson owed the IRS $16.7 million in 1990. In order to get on the road again, he released the album The IRS Tapes: Who’ll Buy My Memories. All proceeds went to paying off his debt to the government.

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